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This individual Note Credit Crunch 2009: January Updateis available for purchase. This Note is available to members of Mercator Advisory Group’s Credit Advisory Service. Please be advised that this Note is normally part of a research and advisory service that provides ongoing support throughout the year. As such, this Note contains significant depth of content that is selected for its strategic importance to our members. (For a description of these services, see our Advisory Services section).

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Credit Crunch 2009: January Update

Posted:January 14, 2009Author:Ken Paterson

Abstract:This is the first in a series of updates that will be published in 2009 as the global credit crunch hits home in the United States credit card marketplace. Building on our analysis published in November 2008 (Declining Credit Card Growth 2008: A (Leaking) Glass Half Full), we update some market data suggesting that October 2008 was a major downward inflection point for credit card growth. Somewhat surprisingly, on-balance sheet card asset growth continued for most FI types through November 2008, with a market concurrent decline in securitized assets. How long will banks be willing (and able) to continue this funding?